Securing of loan requests- be it for personal, emergency, or even for a motorcycle loan can be a hassle for most borrowers as the pandemic continuously affects operations and manpower of businesses including those in the financial sector. As firms resort to the skeletal workforce and shortened work hours, Foodpanda, one of the leading mobile food delivery app worked with CIBI, the first and only local credit bureau in the Philippines, to connect their riders to financial institutions by providing customized credit report that features the borrowers’ risk rating as well as other factors like employment and residency that can help in the fast delivery of loan approval.
The partnership allows Foodpanda riders to secure their own credit report that they can submit to partner banks and financial institutions in exchange for a Motorcycle Loan. CIBI customized a report that can determine and allow financial institutions to understand and evaluate a borrower’s profile for faster rendering of the decision in granting a loan. This will not only benefit the rider but also provide valuable insights to financial institutions especially to creditors that implement skeletal workforce that face problems in processing applications due to manpower issues as reports that usually fall in their underwriting process can be resolved through CIBI’s credit report. The submitted report also allows the credit department of banks and financial institutions to easily weed out applicants and decide whether or not the granting of loans is possible for the requester.
Title: Foodpanda collaborates with CIBI
Published: November 2, 2020
By: The Manila Times
Published by: The Manila Times